Marketing 15 Flashcards

Terms Definitions
32583
Purple
services
intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value 
Trainships
Water and railroads combined
customer satisfaction
evaluation of good/service
Product/Service Management
obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities. Market research guides toward what consumers want.
IDI
online indepth interview: semi structured conversation with a small number of participants
Off Peak Pricing


Charging different prices
during different times of the day or days of the week to reflect variations in
demand for the service.





women control __% of household spending.
80
price conscious
Striving to pay low prices
Marketing Concept
The marketing management philosophy that holds that achieving organizationl goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Consumer Promotions
Sales strategies that encourage customers and prospects to buy a product or service
types of customer relationships
direct and indirect
Narrowcasting
tailoring messages for a specific societal group, synonymous with segmentation, targeting, and positioning
social classes
relatively permanent and orered divisions in a society whose members share similar values, interests and behaviors
Brand Personality
Set of human characteristics associated with a brand name.
promotion
communication between the seller & buyer
properties such as color, size and style which can be determined before purchase
search
arbitrary approach
Budgeting for an advertising campaign as specified by a high-level executive in the firm
Convenience Goods
Staple, impulse, and emergency goods are considered _________________ .
collaborators
firms that facilitate or provide one or more of the marketing functions other than buying or selling
Product Mix
All products that an organization sells.
Maturity Stage
Competition get intense and profits decline
opinion leaders
individuals who exert direct or indirect social influenceknowledgeable about particular products or services
Prestige Pricing
high price to give quality image
product/market expansion grid
A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
Product Manager
The person within an organization responsible for a product, product line, or several distinct products that make up a group
Shopping center
Group of retail businesses planned, developed, owned and managed as a unit.
Brand
A name, term, sign, symbol, or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Probing
Verbal attempts made by a fieldworker when the respondent must answer questions more fully
quantity discounts
encourage volume buying; the customer pays less per unit
Macroenvironment
larger societal forces that affect the microenvironment- demographic, econonmic, naturalm technoloical, etc
market penetration
increase market share among existing customers
price competition
Emphasizing price as an issue and matching or beating competitors' prices
backward integration
when a retailer owns a manufacturing operation
Reactive management
reacting to a customer complaints and moving forward from them
Customer Integration
Competency that enables firms to offer long lasting, distinctive, value added offering to those customers who represent the greatest value to the firm or supply chain.
Executive Summary
a brief overview of the entire marketing plan.
panels
is a sample of consumers or stores from which researchers take a series of measurements.
Objectives
Measurable aims of a business set for a given period (e.g. marketing objectives for the next year)
market targeting (targeting)
process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Humor Appeals
can attract and hold attention, put consumer in a positive mood, afterwards are easiest to remember
trade feedback effect
imports affect exports and vice versa
industry
a collection of firms that sell the same/closely-related products
True or False An identified market with excellent potential based on careful research is a market opportunity.
TRUE
The gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
Survey Research
Reminder Promotion
Remind customers that product may be needed, Remind customers where to buy the product, maintain customer awareness.
The product life-cycle stage in which a product's sales decline.
Decline Stage
break-even point
The point at which the costs of producing a product equal the revenue made from selling the product
strategic channel alliance
when one firm uses other firm’s marketing channel in order to sell a product
IMC and Database marketing
Customer responses become part of ongoing communication Standard cross-selling, build relationships, measurable ,help locate new customers, and in interactive.
Account executive
the key liaison between the client and the agency.
limited problem solving
A type of consumer problem solving process that buyers use when purchasing products occasionally or when they need information about an unfamiliar brand in a familiar product category
 
 
Mission Statement
What business are we in?
Focus on the markets rather than the goods or services
 
 
In an Internet survey, when a small outlined box appears on the screen to indicate what the respondent should do at that point is called a(n) ______ .
push button
Customer Contact Audit
Flowchart of the points of interaction between consumer
and service provider.


environmental scan of today's marketplace shows the many important trends that influence marketing-technological
-increasing popularity of Mobile TV-advances in biometrics as a security solution-growing demand for portable, renewable power sources
pulse (burst) schedule
a flighting schedule combined w/ a continuous schedule because of increase in demand, heavy periods of promotion, or introduction of a new product (ex: Guavatini)
What are the components of competition?
entry, existing competitors and substitutes, power of buyers and suppliers, existing competitors and substitues
Traditional specialty retailer
A store that carries a narrow product mix with deep product lines
Distribution Center
hold of product for a short period of time
Consumerism (Eras)
Era 1, 1900s. Issues: need for a banking system, product purity and shortages, postal rates, antitrust regsEra 2, 1930s–50s. Issues: product safety, bank failures, labeling, stock manipulation, deceptive ads, credit & refundsEra 3, 1960s –1980. Emphasis:consumer rights.Era 4, 1980s. Emphasis: business deregulation & self-regulation.Current Era, since 1990s. Gov’s role: balance consumer and business rights, along with more enforcement.
rule of 80/20
20% of the customers generate 80% of the company's revenue
what are cultural environmental factors
shared values and customs
human interaction
dilemma's with competing outcomes happens:
nearly every day in thousands of business enviroments.
three types of attitude changes
1) change beliefs of the brands attributes2) change belief of importance of attributes3) adding new attributes to the product
2 conflicting goals of selecting right media in ad program
1. maximizing exposure
2. minimizing costs
price elasticity
% change in Q / % change in P. When demand is elastic, a small change in price = large change in demand. When demand is inelastic, a large change in price = small change in demand
A unit of the company that could have a separate mission and objectives and that could be planned independently from other company businesses. An SBU can be a company division, a product line within a division, or sometimes a single product or brand.
strategic business unit (SBU)
what are three ways in which a firm can increase service recovery?
1.) listening the the customers.2.) resolving problems quickly3.) providing a fair solution.
Elastic Demand 
Consumer products?
convienance products
shopping procts
speciality products
unsought products
trade name
proctor and gamble
Retailer
An organization that purchases products for the purpose of reselling them to ultimate customers
noise
anything that reduces communication's
clarity & accuracy
 
 
ie: radio static, slow internet connection,
unfamiliar sign or symbols
 
Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer’s products in some way.
allowance
order-getters
are concerned with establishing business relationships with new customers and developing new business; must be experts about every aspect of their products; producers must find new opportunities, wholesalers must work with retailers, and retailers must influence buying behavior
Manufacturers agent
An independent intermediary that represents two or more sellers and ussually offers customers complete prodct lines
disadvantages of personal selling
expensive, long-term committment
Barter
exchanging goods and services for other goods and services rather than for money
NAICS codes
North American Industry Classification System codes
 
-groups of firms in similar lines of business
Organizational buyer
are those manufacturers, wholesalers, retailers and government agencies that buy goods and services for their own us or for resale
When respondents are asked how strongly they agree or disagree with a series of attitude statements toward a brand's image, this is an example of a(n) _____ scale.
nominal
Present products in new markets
Market development
societal responsibility
refers to obligations that organizations have 1) to the preservation of the ecological environment and 2) to the general public-concernc about the environment and public welfare are represented by interest and advocacy groups such as Greenpeace
A human state of felt deprivation.
need
failure fee
penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make.
objective-and-task approach
Budgeting for an advertising campaign by first determining its objectives and then calculating the cost of all the tasks needed to attain them
Marketing Strategy
specifies a homogenous target market and a marketing mix that the firm puts together to satisfy them.
Marketing Plan
Written statement of a marketing strategy and all time related details.
Break-Even Chart
a graphic presentation of the break-even analysis that shows when total revenue and total cost intersect to identify profit or loss for a given quantity sold
Geographics
segmentation of the market based on where people live.
reference group
Any group that positively or negatively affects a person's values, attitudes, or behavior
Cost-based pricing
_____ involves setting pricesbased on the costs for producing,distributing, and selling the product plus a fair rate of return for its effort and risk.• ______ is product driven_____ adds a standard markupto the cost of the productEx: 10%
mass customization
the process through which firms interact one-to-one with masses of customers to design products and services and tailor-made to individual needs.
What type of scale is the following:Not Important 1 2 3 4 5 Very Important
numerical
direct channel
marketing channel that moves goods from producer to an ultimate user
Secondary
Data
Existing data that has previously been collected by sources
like the government

It incurs
no expense and is usually easily accessible.
It doesn’t always provide all the needed information for marketers.





Market ___________ is the portion of the total market potential that each company expects in relation to its competitors.
share
infomercials
program-length (30 min) ads that take an educational approach to communication w/ potential customers
Texas Instruments, one of the first producers of handheld calculators, put a great deal of effort into expanding production of calculators to drive down the cost and thus expand the market. This is most indicative of the concept:
production
ebivalent newbies
relative newcomers to the Internet who rarely spend money online but seek product information
cumulative discount
A quantity discount aggregated over a stated period
advertising objective
a specific communication task that a campaign should accomplish for a specified target audience during a specified period.
integrated marketing communications
the careful coordination of all promotional messages for a product or a service to assure the consistency of messages at every contact point where a company meets the consumer
Broker
A wholesaler that does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation.
Product Advertising
gives the benefits of a specific  product or service and relies on rational arguments why a customer should buy it.
telephone depth interview
An interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys
 
 
Sales Analysis
a detailed breakdown of a company's sales records
- salespeople, products, types of customers, or channels of distributions
- also can include costs, profitability, market share, ect.
share of customer
The portion of the customer's purchasing that a company gets in its product categories.
Brand
A name, term, design, symbol, or other feature that identifies a seller's products and differentiates them from competitors' products
support goods
items used to assist in producing other goods (installations, accesory equipment)
IDENTIFYING COMPETITORS
1.ALL FIRMS MAKING THE SAME PRODUCT OR CLASS OF PRODUCTS2.INCLUDE ALL COMPANIES MAKING PRODUCTS THAT SUPPLY THE SAME SERVICE3.INCLUDE ALL COMPANIES THAT COMPETE FOR THE SAME CONSUMER DOLLARS
Marketing Channel
Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users.
laggards/nonadopters
hang on to tradition and are very suspicious of new ideas. They are older and less well educated than the other groups. Laggards tend to listen most to other laggards, making them very difficult to reach (5-16%)
yield management pricing
charging different prices to maximize revenue for a set amount to capacity at any given time
Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences.
Variety-seeking buying behavior
What are macroenviromental factors?
aspects of the external enviroment that affects a company, such as culture, demographics, social issues, technology, economics, and political/ regulatory enviroment.
The type of market in which there is only one supplier offering a unique product
monopoly
Return on Investment (ROI)
Metric (measurement) of how much profit is being made on a product for the business owners (entrepreneurs and investors)
Everyday Low Pricing (EDLP)
the practice of replacing promotional allowances with lower manufacturer list prices
Discretionary income
What is left of income after paying taxes and paying for necesities
warehouse showroom
A retail facility in a large, low-cost building with large on-premise inventories and minimal services
All of these key promotion elements lead:
• Message Potency• Frequency • Reach
reverse auction
a buyer communicates a need for a product or service and would be suppliers are invited to bid in competition with each other.
niche competitive advantage
the advantage achieved whan a firm seeks to target and effectively serve a small segment of the market
What is Publics' Demand?
Publics' Demand refers to the attributes and needs of employees, unions, stockholders, the general public, government agencies, consumer groups, and other internal and external forces that affect company operations.
The idea that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfaction more effectively and efficiently than do competitors in a way that maintains or improves the consumers and society's wel
Societal Marketing Concept
what is a trading bloc?
Countries that have signed a particular trade agreement.
Predatory Pricing
A company sets a very low price for the purpose of driving competitors out of business.
A complete marketing knowledge database includes all the data about _____.a. customersb. prospectsc. competitorsd. all of the above
d. All of the abovepage 139
Number of potential buyers
Companies try to reach thousands or millions of buyers each day
copyright law(company protection)
-is another way for a company to protect its competitive position in a product-gives the author of a literacy, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work-is secured automatically when the work is created-however, the published work should bear an appropriate copyright notice, including the copyright symbol, the first year of publication, and the name of the copyright owner, and it must be registered under the federal copyright law
Outdoor developing ad programs disadvantages
short message, lack of demographic selectivity, high 'noise' level
Machine cleaning of data
a final computerized check of the data to search for any missing errors
Product mix(or product portfolio)
The set of all product lines and items that a particular seller offers for sale. (Ex: Avon- beauty, wellness, jewelry, gifts)
what do macro strategies focus on?
they focus on elements of excellence to create and deliver value and to develop sustainable competitive advantages.
Theories of Marketing ethics4. situational ethics
right and wrong are determined by the specific situation
The first wave of Internet Disruption saw firms offer ______.a. products at premium pricingb. tangible products that can be compared and are low pricedc. commodities available in large quantitiesd. real estate
b. tangible products that can be compared and are low pricedpage 8
What is the role of positioning in a marketing strategy?
Positioning places a product in a certain position in the minds of prospective buyers so that marketers can creat messages that distinguish their offerings from those of competitors.
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